Researchers at the Center for Research on Start-ups and Risk Financing (CREST), Indian Institute of Technology Madras (IIT-Madras) developed ‘An Intelligence Platform on Government Funding Schemes for Start-ups’ to boost the start-up sector.
According to a press release from IIT-Madras, the government funding platform which was developed and implemented in partnership with IIT-Madras-incubated start-up YNOS, brings together the entire spectrum of start-up schemes from government to the country’s entrepreneur. It has been developed based on years of research and data collected by a team led by Professor Thillai Rajan, Principal Investigator of CREST, and faculty from the Department of Management Studies, IIT Madras.
The platform will provide contact details and social media links of the respective schemes, helping entrepreneurs get more information about the scheme if interested. The entrepreneur can also download the detailed report of each scheme through a single click.
Through this platform, the researchers are hoping to help entrepreneurs gain a comprehensive understanding of the government funding landscape for start-ups. This product integrates information from various central government schemes, central public sector companies and various state governments. There are over 100 different schemes by different agencies.
With a simple click of the mouse, the entrepreneur can easily access comprehensive information about various government schemes at a single centralized location. Additionally, the platform also provides detailed analytics such as the number of start-ups benefiting from the scheme, the average financial investment received, the age of the start-up at the time of being funded, the number and age of founders in the start-up. of founders at the time of receiving financial support,” India’s G20 Sherpa Amitabh Kant said while launching the platform.
The comprehensive information platform on government funding for start-ups covers over 100 schemes from various ministries and departments. About 10,000 start-ups have benefited from these schemes. Many start-ups that receive government support have to go through rigorous verification and due diligence.
The development of this platform was inspired by the difficulties faced by entrepreneurs and other stakeholders in accessing information in the Indian start-up ecosystem.